​JP Morgan’s new digital identity feature (and why it makes sense for them).

JP Morgan need to pick a lane.

First their CEO publicly drags crypto, now they're announcing development of a digital identity feature, powered by the blockchain.

Although...it actually makes total sense for them to go in this direction (lane or no lane).

The digital identity feature - which they’re calling ‘Onyx’ - will let people access DeFi applications, other dApps, and the metaverse, all with a single set of credentials.

(Kind of like today’s ‘sign in with Google’ feature).

The cool part is that it will let people take advantage of their credit score (for things like buy now, pay later) without having to share who they are.

Plus, it would make 'Know Your Customer' (KYC) processes almost instant, and block data hungry retailers from taking more information than they need.

E.g. If you’re just trying to buy a new couch, and your past history suggests you won't miss a payment, why does Crate & Barrel need to have any additional info?

It's an exciting concept!

But one that is going to have to be completely decentralized, and out of JP Morgan's control, before anyone in the crypto community touches it.

(That's our guess, at least).